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Author Question: Assume that an Internal Service Fund provides 45 of its services to governmental funds and 55 of its ... (Read 112 times)

notis

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on: Jul 5, 2018
Assume that an Internal Service Fund provides 45 of its services to governmental funds and 55 of its total services to Enterprise Funds. If the Internal Service Fund has 100,000 of total assets, the government-wide financial statements would
 
  a. reflect a 55,000 increase in the business-type activities column.
  b. reflect a 100,000 increase in the business-type activities column.
  c. reflect a 45,000 increase in the governmental activities column.
  d. reflect a 100,000 increase in the governmental activities column.
  e. Both items a and b.

Question 2

Determine the total liabilities at the end of the current year for Scott Industries.


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brittanywood

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Reply #1 on: Jul 5, 2018
Answer to Question 1

B

Answer to Question 2

37,000
(12,000 Accounts Payable + 5,000 Income Taxes Payable + 20,000Notes Payable = 37,000)


notis

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Reply #2 on: Jul 5, 2018
Thank you :)


brittanywood

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Reply #3 on: Jul 5, 2018
Happy to help you


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